Hollywood pix boost Pinewood fortunes

LONDON -- A boom within the amount of large-budget Hollywood movies shooting in Blighty throughout 2011 has driven revenues at U.K. studio group Pinewood Shepperton for an all-time high. Sales hit an archive 50.7 million ($80.a million) within the 12 several weeks to December 31, up 17%. Film revenues alone were up 24% to $56.7 million, because of projects for example "Snow Whitened and also the Huntsman," "Anna Karenina," "Prometheus," "Skyfall," "The Hobbit" and "Dark Shadows." The audience, which is the owner of Pinewood and Shepperton Galleries near London, the U.K.'s two biggest film and television plants, also reported a 14% increase in operating profits to $16.3 million. Nevertheless, the organization fell right into a pre-tax lack of $6.two million after exceptional products, lower from the profit of $9.two million this year. That evolved as the result of having to discount the $11.two million five-year development price of its suggested $320 million extension towards the Pinewood site, named Project Pinewood, following its failure to acquire planning permission. The audience has additionally embarked on the means of worldwide expansion, through close ties in Toronto, Berlin, Malaysia and tobago. To date this signifies merely a modest a part of its business, with worldwide revenues up 50% this year to $1.4 million. "The organization has shipped a powerful performance for that twelve month, with overall revenues considerably up," said chief professional Ivan Dunleavy. "The continuing demand from large-budget films and enormous-scale Television shows for the unique facilities remains resilient. Our worldwide strategy is constantly on the deliver growth and additional chance to increase the Pinewood brand overseas." Dunleavy noted his disappointment that Project Pinewood didn't obtain the greenlight in the U.K. government. "The board based on its major investor are determined to utilize the federal government and stakeholders to provide the lengthy-term vision for Pinewood it needs if it's to stay a worldwide center for that film and inventive industries," he stated. "We'll therefore still engage, to make sure that the website meets the requirements for growth within the next 20-3 decades.Inch The audience has already been creating a significant purchase of developing the present Pinewood site, with a brand new 30,000 sq. foot. soundstage presently being built. It's also trading in the digital TV services. Projects shooting at Pinewood Toronto Galleries this year incorporated Universal's "Mama" and Legendary/Warner's "Off-shore Rim." Pinewood Studio Berlin attracted its first project, "Planet B Boy" from Sony's Screen Gems label. Pinewood Iskandar Malaysia, the biggest purpose-built facility in the area, will open for business in 2013, as the Pinewood Indomina studio in tobago will complete its first phase of construction this year. The audience stated it's ongoing to search for fresh possibilities to grow its brand worldwide. Pinewood Shepperton reported its 2011 figures as unaudited interim results, since it has transformed its accounting year-finish to March 2012. Contact the range newsroom at news@variety.com